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PARRIS N. GLENDENING, Governor
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H.B. 939
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WITH § 14-103(B) AND (C) OF THIS ARTICLE, AND THAT PORTION OF THE
COMPENSATION OF ANY PERSON PROVIDING INVESTMENT ADVISORY OR CUSTODIAL
SERVICES TO THE TRUSTEE, AS THE TRUSTEE DETERMINES IS FAIR AND
REASONABLE IN ACCORDANCE WITH § 15-502(B) OF THIS SUBTITLE;
(3) ONE-HALF OF ALL EXPENSES FOR ACCOUNTINGS, JUDICIAL
PROCEEDINGS, OR OTHER MATTERS THAT INVOLVE BOTH THE INCOME AND
REMAINDER INTERESTS;
(4) ALL OF THE TRUSTEE'S COMPENSATION CALCULATED ON PRINCIPAL
AS A FEE FOR ACCEPTANCE, DISTRIBUTION, OR TERMINATION, AND DISBURSEMENTS
MADE TO PREPARE PROPERTY FOR SALE;
(5) PAYMENTS ON THE PRINCIPAL OF A TRUST DEBT;
(6) EXPENSES OF A PROCEEDING THAT CONCERNS PRIMARILY
PRINCIPAL, INCLUDING A PROCEEDING TO CONSTRUE THE TRUST OR TO PROTECT
THE TRUST OR ITS PROPERTY;
(7) PREMIUMS PAID ON A POLICY OF INSURANCE NOT DESCRIBED IN §
15-523(5) OF THIS SUBTITLE OF WHICH THE TRUST IS THE OWNER AND BENEFICIARY;
(8) ESTATE, INHERITANCE, AND OTHER TRANSFER TAXES, INCLUDING
PENALTIES, APPORTIONED TO THE TRUST; AND
(9) DISBURSEMENTS RELATED TO ENVIRONMENTAL MATTERS,
INCLUDING RECLAMATION, ASSESSING ENVIRONMENTAL CONDITIONS, REMEDYING
AND REMOVING ENVIRONMENTAL CONTAMINATION, MONITORING REMEDIAL
ACTIVITIES AND THE RELEASE OF SUBSTANCES, PREVENTING FUTURE RELEASES OF
SUBSTANCES, COLLECTING AMOUNTS FROM PERSONS LIABLE OR POTENTIALLY
LIABLE FOR THE COSTS OF THOSE ACTIVITIES, PENALTIES IMPOSED UNDER
ENVIRONMENTAL LAWS OR REGULATIONS AND OTHER PAYMENTS MADE TO COMPLY
WITH THOSE LAWS OR REGULATIONS, STATUTORY OR COMMON LAW CLAIMS BY
THIRD PARTIES, AND DEFENDING CLAIMS BASED ON ENVIRONMENTAL MATTERS.
(B) IF A PRINCIPAL ASSET IS ENCUMBERED WITH AN OBLIGATION THAT
REQUIRES INCOME FROM THAT ASSET TO BE PAID DIRECTLY TO THE CREDITOR, THE
TRUSTEE SHALL TRANSFER FROM PRINCIPAL TO INCOME AN AMOUNT EQUAL TO
THE INCOME PAID TO THE CREDITOR IN REDUCTION OF THE PRINCIPAL BALANCE OF
THE OBLIGATION.
15-525. TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION.
(A) IN THIS SECTION, "DEPRECIATION" MEANS A REDUCTION IN VALUE DUE
TO WEAR, TEAR, DECAY, CORROSION, OR GRADUAL OBSOLESCENCE OF A FIXED
ASSET HAVING A USEFUL LIFE OF MORE THAN 1 YEAR
(B) A TRUSTEE MAY TRANSFER TO PRINCIPAL A REASONABLE AMOUNT OF
THE NET CASH RECEIPTS FROM A PRINCIPAL ASSET THAT IS SUBJECT TO
DEPRECIATION, BUT MAY NOT TRANSFER ANY AMOUNT FOR DEPRECIATION:
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- 4629 -
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